Data loading...

VIET SEAFOOD

Lumar’s Ongoing Liquidity Issues Affect Stock Brokerage Firm Spain, June 14, 13

The Spanish company Lumar Natural Seafood has been asked by the brokerage firm Bankia Bolsa if it is allowed to stop taking stock buying orders. This has been requested as a result of Lumar’s liquidity issues. The bank has “exhausted the cash and its replacement is not possible immediately,” according to the Mercado Alternativo Bursatil (MAB). Lumar markets a range of frozen tuna consumer products throughout Europe.

A spokesperson at the company said that the bank simply wishes to stop taking buying orders. “This is logical and reasonable in the present circumstances because Lumar Natural Seafood has been negotiating with banks and creditors to organize its debt and financing over the last year.”

In an attempt to solve their liquidity problems, Lumar signed a deal with investors earlier this year.

The spokesperson notes that this development from Bankia Bolsa side should be perceived as a “normal stock exchange procedure” to give Lumar more time to coordinate its financing, rather than something negative, saying this “in no way affects the recent contracts with foreign investors that allow the company’s processing plant to work with complete normality and capacity, and the Lumar brand to continue to have a dignified presence in national and international markets. (…) The brand is alive and well - believe it or not - and work is going forward very positively.”

It has been reported that the company had a profit of €19.990 (USD 26,000) in the first half of 2011, but a net loss of €578,207 (USD 751,843) in the same period last year, which according to the company’s auditor is due to an “irregularity on the matter of tax credit”.
/